To the extent that the arbitration agreement is within the scope of the Article 1 agreement (international trade dispute at the time of its negotiated conclusion), a party may attempt to enforce the settlement agreement within the competent authority of a state that has ratified it. Although a limited number of states have ratified the Convention at present, it is expected that many states will ratify it. “Lexology is a valuable, trustworthy and informative source for national and international legal developments within a commercial framework. News feeds provide high-quality expert summaries in a user-friendly format. Keep the good work, that`s what`s most appreciated. One of the main obstacles for parties considering dealing with cross-border trade disputes was uncertainty, costs and/or delay in implementing a breach of a negotiated settlement agreement. This has often led parties to cross-border trade litigation to resort to legal/cure litigation, or even foreign arbitration proceedings, which are enforceable under the New York Convention. The Singapore Agreement aims to make more conciliable the applicability of cross-border trade disputes negotiated with the application of foreign arbitration awards under the New York Convention, although there appear to be some differences that this note highlights. The proof that the transaction was the result of mediation could be the signing of the mediator on the transaction document, a document signed by the Ombudsman attesting that the mediation was carried out, a certificate from the body that managed the mediation or, failing that, other evidence acceptable to the competent authority. There have been some controversies over the requirements of Section 4, which require proof that the transaction agreement is the result of mediation, for example. B; Article 5 of the Convention defines the reasons why a court may, at the request of the party to the dispute against it, refuse the granting of the right. These reasons can be divided into three main categories: the parties to the dispute, the transaction treaty and the mediation procedure.
Article 5 contains two other grounds why the Tribunal may automatically refuse to grant discharge. These grounds relate to public policy and the fact that the subject matter of the dispute cannot be resolved through mediation. In order to provide for the most favourable framework for transaction agreements, Article 7 provides for the application of the law or contract more favourable. The United States first launched a proposal in 2014 to develop a multilateral agreement for the codification of international trade agreements through mediation. Prior to the entry into force of the Singapore Convention on Mediation, the only multilateral legal instruments for the settlement of international trade disputes were the various international litigation instruments under the Hague Convention on Private International Law and the New York Convention, which provided for arbitration proceedings in such disputes. The Singapore Convention contains a language similar to that of the New York Convention on Enforcement, including the fact that each State party “enforces a transaction agreement in accordance with its internal regulations and under the conditions set out in this Convention.” (Singapore Convention art.